Google buys London office development for $1bn

Google has acquired the iconic Central Saint Giles office development in London’s West End, where it is currently a tenant, for $1 billion (£762.5m) from a joint venture between Legal & General and Mitsubishi Estate London.

Google said this investment represents its continued confidence in the office as a place for in-person collaboration and connection.

Ruth Porat, SVP and CFO of Google and Alphabet, said: “We have been privileged to operate in the UK for nearly 20 years, and our purchase of the Central Saint Giles development reflects our continuedcommitment to the country’s growth and success. Our focus remains on creating flexible workspaces that foster innovation, creativity and inclusivity. We look forward to deepening our connection to the UK as we build for the future of work.”

The architecturally striking building comprises 408,000 sq ft of office space with 25,000 sq ft of restaurants and cafes at ground floor level. The building is highly sustainable, benefiting from an in-use BREEAM Excellent rating.  At the western end of the site, two residential buildings contain a mix of 109 private, affordable and social apartments. The long leasehold interests of the residential buildings continue to be owned and managed by the existing owners.

… visit CRE Herald to read full story

Main image credit: Pollitt & Partners 2015

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